NIHON NOHYAKU CO., LTD., First Half Ordinary Profit Revised Downward to an Unexpected 45%Decrease

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Mon Nov 11, 2024 2:00 pm JST Earnings

4997 NIHON NOHYAKU CO., LTD. 【J-GAAP】

Earnings Report

NIHON NOHYAKU CO., LTD. <4997> [TSE-P] announced its financial results in the afternoon session on November 11th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 45.4% from the same period last year to 519 million yen, resulting in a decrease in profits compared to the previous forecast of a 5.2% increase.

The progress rate against the 6.7 billion yen full-year plan was 7.7%, also falling below the four-year average of 25.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 24.1% from the same period last year, reaching 6.18 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a profit of profit of 662 million yen (compared to a loss of 375 million yen in the same period last year). The operating profit/loss margin drastically improved from -1.1% in the same period last year to 6.0%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	43,167	3,030	3,197	2,582	32.9	41.1	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	40,670	1,176	951	695	8.9	16.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	39,129	1,029	519	620	7.9	7.7	Nov 11, 2024	J-GAAP
YoY	-3.8%	-12.5%	-45.4%	-10.8%	-10.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	38,700	1,200	1,000	1,200	15.3	10	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	39,129	1,029	519	620	7.9	10	Nov 11, 2024	J-GAAP
Revision Rate	+1.1%	-14.2%	-48.1%	-48.3%	-48.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	62,363	6,262	4,981	4,082	52.0	9	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	65,371	7,071	6,181	4,180	53.3	10	Nov 11, 2024	J-GAAP
YoY	+4.8%	+12.9%	+24.1%	+2.4%	+2.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	102,090	8,739	7,779	4,488	57.2	16	May 11, 2023	J-GAAP
Mar, 2024	103,033	7,438	5,932	4,777	60.9	18	May 13, 2024	J-GAAP
Mar, 2025 Guidance	104,500	8,100	6,700	4,800	61.2	20	May 13, 2024	J-GAAP
YoY	+1.4%	+8.9%	+12.9%	+0.5%	+0.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	18,487	-209	-375	-343	-4.4	-1.1	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	22,620	1,379	831	765	9.8	6.1	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	39,743	4,883	4,150	3,317	42.3	12.3	May 13, 2024	J-GAAP
Apr - Jun, 2024	19,241	-164	-143	54	0.7	-0.9	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	19,888	1,193	662	566	7.2	6.0	Nov 11, 2024	J-GAAP
YoY	+7.6%	－	－	－	－